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China Should Increase Fiscal Spending Efficiency: Daily

MNI (Singapore)

China's governments should continue to tighten their belt, optimize spending structure and improve the efficiency of capital use, the Economic Daily said in a commentary. Stabilizing growth requires higher spending on major projects to improve infrastructure and people’s livelihood, the newspaper said. Though China's last year fiscal revenue grew 10.7% y/y to CNY20.25 trillion, CNY480 billion above target, it was partly driven by the lower comparable base of the previous year. If compared with 2019, the growth rate is 6.4%, and the two-year average growth rate is 3.1%, which is lower than GDP growth, the newspaper noted.

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